NC Insurance companies seek massive rate increase for mobile home policies

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Saturday, April 13, 2024
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NORTH CAROLINA (WTVD) -- Insurance companies recently filed a request to increase rates with the NC Department of Insurance.

The North Carolina Rate Bureau -- which represents insurance companies and is not part of the Department of Insurance -- has requested an overall state average increase of nearly 83 percent for mobile home fire policies (MH-F) over three years.

According to the NC Department of Insurance press release, insurance companies have also requested a state average increase of nearly 50 percent for mobile home casualty policies (MH-C) over three years.

The proposed increase would impact 148,000 policyholders in the state.

"The N.C. Department of Insurance has received the filing from the Rate Bureau," Insurance Commissioner Mike Causey said. "We are in the process of reviewing the filing, according to state law."

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The MH-F increase request is 24.9 percent for 2024, 21.2 percent for 2025 and 20.9 percent for 2026.

The MH-C increase request is 15.9 percent for 2024, 13.9 percent for 2025 and 13.5 percent for 2026.

Rate Bureau requests that each year's increases take effect on Nov. 1, according to the press release.

Unlike standard homeowners' programs, both programs are similar and include floor coverage. The MH-F program, however, covers a broader range of hazards.

The public can comment on this proposal. They can either email their comments or write them by April 30.